(September 19, 2003) Messestadt Riem is paying its own way. The revenues earned from sales of lots in the community should suffice to finance its development, states Gabriele Friderich, the head of the department handling the marketing of the municipality of Munich's property portfolio.

In a recently-released briefing, Ms. Friderich reported that the municipality has reaped Euro 241.5 million from the sale over the past three years of lots in Messestadt Riem.

Ms. Friderich had other good news to divulge. The marketing of property in the community's new residential area has gotten off to a strong start. To be built on the lots purchased--with a total size of one hectare--will be 135 apartments and townhouses.

According to Friderich, now in the pipeline is the sale of a further five commercial-use plots. Also in an advanced stage are negotiations with potential purchasers of lots upon which 1,200 apartments and townhouses are to be constructed.

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